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President Barack Obama nominated longtime associate Michael Froman to serve as the U.S. trade representative. Froman, who worked with Obama on the Harvard Law Review, is deputy national security adviser on international economic affairs. "Over two decades in both the public and private sectors, Mike Froman ... has established himself as one of the world's foremost experts on the global economy," Obama said.

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The Senate has confirmed Michael Froman, a former law classmate of President Barack Obama and a senior White House economic adviser, as the U.S. trade representative. Froman will head negotiations to create a free trade zone with the EU and to form the Trans-Pacific Partnership.

Mike Froman, President Barack Obama's nominee to be the next U.S. trade representative, said at his confirmation hearing that he would work with lawmakers to develop legislation that would help the administration move forward with trade deals. "If confirmed, I will engage with you to renew Trade Promotion Authority. TPA is a critical tool. I look forward to working with you to craft a bill that achieves our shared goals," Froman said. Read SIFMA's statement on Froman's nomination hearing.

One Trade Center, a key part of the rebuilt World Trade Center, is almost finished. The mast crowning the structure was hoisted into place Thursday. All that remains is installation of the 408-foot spire and radio antenna.

President Barack Obama announced his choices for two Cabinet positions Thursday, nominating Hyatt Hotels board member Penny Pritzker as Commerce secretary and deputy national security adviser for international economics Michael Froman as U.S. trade representative.

President Barack Obama's second-term Cabinet is taking shape, with the White House announcing the nomination of Penny Pritzker as Commerce secretary, Tom Wheeler as Federal Communications Commission chairman and Michael Froman as U.S. Trade Representative. Obama said that in selecting his nominees, he had sought people who "don't forget what matters" and who "operate with integrity."